ExxonMobil Posts Biggest Quarterly US Profit In History

HOUSTON - Exxon Mobil Corp., the world's largest publicly traded oil company, says it shattered its own record for the biggest profit from operations by a U.S. corporation, earning $14.83 billion in the third quarter. bolstered

Bolstered by this summer's record crude prices, the Irving, Texas-based company said Thursday that net income jumped nearly 58 percent, or $2.86 a share in the July-September. That compares with $9.41 billion, or $1.70 a share, a year ago.

The previous record for U.S. corporate profit was set earlier this year, when Exxon Mobil earned $11.68 billion in the second quarter.

Revenue rose 35 percent to $137.7 billion.

On average, analysts expected the company to earn $2.39 per share in the latest quarter on revenue of $131.4 billion.

Comments

[PT6]

Here is the Bailout MONEY for AMERICA!

America's Government will trade you 9 Banks plus a Fannie and Freddie for an EXXON!

[bethel1974]

This is why the double tax credit that Bush enacted is ridiculous. A tax credit to repatriot any profits that are made outside the United States. I guarantee you Exxon listed an enormous amount of profit was made in foreign countries. So they are already ahead of the curve before it hits the bank. Second, the advancement of alternative fuel will be one of the pistons driving this economy for the next 8 years. Landfill gas,waste to energy projects, wind, solar. Coal has a stigma upon that will be too much to overcome also nuclear. All of these together will reduce our reliance on oil to fuel our cities. Natural gas buses will come into play and will use landfill gas to power them. Some cities are already doing this. Recycling will also become more and more prevalent. The United States is the Saudi Arabia of garbage.

[lakat]

FUNK EXXON! If this is a surprise to anyone, SHAME ON YOU! Corporations rule, we get screwed. Change on November 4!!

[derekc06]

amen to that...

"Colonialism is sponsored by corporations--
That's why Halliburton gets paid to rebuild nations"

it's time we took back our government...

[jmw2006]

Let's give them another tax break. They need the money more than McCain's favorite NEW FRIEND Joe the Plumber while the millions of hard working folks, paying over $3.00 for a gallon of milk and $4.00 for a box of serial to feed their 3 kids breakfast for one day. They for sure don't need a tax relieve.

Go on Mr McCain. Your true PRO AMERICAN VALUES are showing.

[NobodysPoodle]

Now I know why TV has been blasted with commercials about how gas companies don't make more than any other business percentage wise. They knew they had to soften the blow to "Joe Sixpack the Plumber".

[Durango]

It is all marketing.

You spend enough on the marketing campaign in America and you CAN FOOL ALL THE PEOPLE (or at least enough of them) ALL THE TIME.

[RMAC2]

Wasn't it just posted on 10/22 on the Huffington Post that the Exxon Valdez court ordered payment from Exxon to Alaska from the oil spill was delayed again.

Check the 10-22-08 post on this. it says: ANCHORAGE, Alaska — Prince William Sound commercial fishermen have waited 19 years for punitive damages against Exxon Mobil Corp. in the nation's worst oil spill, and now that a payout is imminent, another delay may be coming from those expecting a piece.

Lawyers for Sea Hawk Seafoods Inc., a Seattle-based company that ran a fish-processing plant in Valdez, have filed court papers objecting to the allocation plan...After the Supreme Court decision, lawyers for the plaintiffs and Exxon worked out a partial settlement under which Exxon agreed to release $383 million.

What a corporate shame-on-you to Exxon!

[sonofsamphm1c]

How is that shameful? You're crazy.

One could argue that from a public relations standpoint, it wasn't very smart of them.

On the clean up and subsequent work, ExxonMobil has paid 3 BILLION dollars.

The original punitive award was an additional 5 billion dollars, a years profit. It went through several changes, and ended up in front of the United States Supreme Court at 2.5 billion. They vacated the entire amount and sent it back to a lower court. It was totally unreasonable, with no legal foundation in the first place, so it got booted.

[sonofsamphm1c]

I see nothing shameful in appealing an illegal punitive damage award.

That is why the Supreme Court vacated it.

[Mugzi]

They are laughing all the way to their off shore accounts!!!

[edva]

Besides the obvious fact that we should be moving at life-or-death speed away from the globally toxic, completely unsustainable, and dangerously destabilizing fossil fuel economy - isn't it an anachronism in this day and age to have one of the current necessities of life controlled by the whim of a few private entities, who are manifestly motivated primarily, if not solely, by self-serving greed?
Shouldn't all energy be nationalized, or globalized? What if they controlled air, or water, or basic food? Oh...........

[chicago25624]

I LOVE dividends. YES YES YES

[iambusto]

if you are going for yield, XOM is not the one. check out Shell and BP (over 5% yield currently, of course a huge reason is depressed stock price).

if you want solid company with increasing dividend, xom is the one for ya. and this AAA rated company is no fake AAA AIG or GE. Its the real AAA deal.

[chicago25624]

Well let me ask you this. If Ob i den wins, and the cost of a barrel soars, as it is going to when he enacts his new taxes, and stops drilling, how will you blame GW, and then won't you be making us on the right rich? G O D Won't that inhale for you.

[lakat]

As long as you suffer, I'm cool.

[chicago25624]

YES!!!!!!!

I love when i get nice big fat dividends like this.

And when the windfall profit tax comes, Exxon will just pass it on to the end user and my dividends wil still be good. Way to go oh merciful one.

[MarsAmbassador]

Why is it that if you want to help out corporations they call it a bail out, but if you want to help the American people they call it socialism? Why the negative stigma about actually helping people? How do the Republicans get poor, working folk so rabid against a health care plan that would benefit THEM most of all? How does the Republican Party get the people the oil companies have over a barrel screaming about spreading the wealth when Obama wants to spread it back to THEM? Stockholm Syndrome is the only thing I can come up with...

[jmw2006]

'cause they don't give a darn about the people if they are not in their class

[Durango]

And why is it so hard to figure out that, no matter how rich you are, or how you get your money.

The more people with more money is good for you.

You have to have people who can afford your product. No matter what it is.

And the more people who can afford it . . . the better everyone is. ESPECIALLY the richest!!!!

[ohiomark]

Look on the bright side Libs. Just think how many more taxes that Exxon-Mobil will pay to fund all your precious government entitlements.

[notconfindtweenhatnboots]

I am showing that Exxon is paying 32.5 Million on a profit of 14.8 Billion. That's a tax rate of 00.22%. As a member of the middle class, I wish I could pay that same tax rate on my earnings.

[iambusto]

tax rate is not calculated like that. take an accounting class !!

[sonofsamphm1c]

On the 14.8 billion in profit, they probably accrued about 8 to 9 billion for income taxes.

That was subtracted form income in the calculation that arrived at the 14.8 billion in profit.

[jmw2006]

ohiomark, i would like to know where you got your education...if any

[lakat]

No bright side, Con, Exxon doesn't PAY taxes. Get with the program.

[ohiomark]

You mean besides the $32.5 million they did pay in taxes?

[Mugzi]

Like what...schools for our kids, roads and bridges that collapse, keeping well paying jobs in the US...

[tomas0808]

The reason Detroit is in trouble is because 10-15 years ago instead of thinking 10-15 y years into the future and developing hybrids they decided to make a quick buck by taking existing truck parts, dressing them up, calling it an SUV and giving us a media blitz. It wouldn't surprise me if there were some back room deal with the oil companies about it too, "We'll keep gas prices down if you guys build something that uses a lot of gas.".

[Paul Peete - Huffpost Blogger]

The Bush Admin gave tax business tax breaks for the purchase of them. that encouraged many to buy them. Wonder why he did that? Prescott's oil inheritance to the Bush boys.

[talkingwolfwoman]

ANd this is who McCain is fighting for ... Not the middle class!! These are the people he will not TAX, But give them more incentives less taxes on the backs of hte American people
You go McCain!!!!!!!!!!!!!!!!!!! November 4th cannot come fast enough!!
Then you and Bible Spice can go back to where ever you came from and question your idealogy.....

OBAMA 08

[seenitall]

John Exxon McCain.